In "The Ascent of Money," Niall Ferguson argues that British Prime Minister Gladstone's decision to invade Egypt in 1882 was significantly influenced by the threat posed by the Egyptian government to default on its financial obligations to European bondholders, including Gladstone himself. This situation highlights the intersection of politics and economics in historical events.

Ferguson suggests that financial interests often drive political actions, as seen in Gladstone's calculations regarding the stability of investments and the strategic importance of Egypt. The invasion can be seen as a response to the need to protect these financial interests, underscoring how economic considerations can shape national policy and military actions.